The issue before the Second District Court of Appeal ("Appellate Court") in this published opinion was whether a senior trust deed holder loses its priority lien position after accepting a deed in lieu of foreclosure from its...more
While the Great Recession appears to be slowly receding, rising oil costs and other price increases threaten to choke off what had appeared to be an economic recovery. Accordingly, foreclosures may become more frequent in the...more
In addition to an arid climate and plenty of sunshine, Arizona and Nevada have something more to offer contractors: a potentially advantageous position over lenders when a project goes bad.
When a project derails and...more
On May 15, Maryland Governor Martin O’Malley signed HB 1045, which alters the conditions for refinancing without junior lienholder permission. Under current law, a mortgagor or grantor may refinance the full unpaid balance at...more
In Wells Fargo Bank, N.A. v. Riggio, No. 1CA-CV-12-0430 (Ariz. Ct. App. June 4, 2013), the Arizona Court of Appeals held: (i) that the “merger of rights” doctrine does not “merge” a lender’s first and second lien into a...more
A recent decision in the protracted litigation by lenders of Extended Stay to recover under guaranties executed by owners of Extended Stay highlights the need for clear and unambiguous drafting in intercreditor agreements....more
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